Although I haven't seen this in action, it makes me wonder if Wipeout HD might suffer less of a frame rate drop, and subsequently play better, if outputted normally from the PS3 in 2D and had 3D emulation done by the TV's inbuilt 3D processing.
It might be worse?
I know the Toshiba TV's have a cell processor in their TV's to do this, I don't know about the Sony TV's, you would kind of want to think they did since it's the same chip as in the PS3.

Hopefully somebody will try this as a comparison at some stage and report their findings.